FT. LAUDERDALE, Fla., Aug. 23, 2016 (GLOBE NEWSWIRE) -- Kaya Holdings, Inc. (OTCQB:KAYS), announced that it has disclosed Q2 results of operations by filing its Quarterly Report on Form 10-Q for the quarter ended June 30, 2016. Results of operations in the Form 10-Q show that through June 30, 2016, KAYS has continued to consistently maintain the 700%+ increases in average monthly revenues achieved since the inception of recreational marijuana sales in Oregon in October 2015. Based upon results of operations for the first six months of 2016 and assuming that sales continue at these levels, KAYS believes that it is on track for its first $1mm in annual marijuana sales for 2016. This projection is based on operations of its two current Kaya Shack™ retail outlets and Kaya Farms™ grow operations, without giving effect to the Company’s planned retail expansion. A copy of the Company’s Form 10-Q for the quarter ended June 30, 2016, as filed with the SEC, is available online at www.sec.gov.
Separately, KAYS is pleased to announce that work and licensing is progressing for its next two planned Kaya Shack™ Marijuana Superstores, which when fully licensed and operational, will bring the total to four retail marijuana outlets operated by the Company under its Kaya Shack™ brand.
Store #3 is planned for north Salem, Oregon, adjacent to a Starbucks Coffee and the planned location for Store #4 is central Salem, Oregon, near a Popeye’s Chicken and other nationally recognized fast-food and retail outlets. Both of these new locations are being developed using the attractive “Marijuana Superstore” footprint, which KAYS believes allows for enhanced revenue opportunities.
KAYS CEO Craig Frank stated, “Our financial model is beginning to come together and we believe that adding these next two stores will bring the Company to cash flow positive operations, which will in turn allow us to explore many additional opportunities for continued growth.”
Finally, the Company reported that its accounting and legal team has completed filing amendments to the Company’s Quarterly Reports on Form 10-Q for the periods ended March 31, June 30 and September 30, 2015 to more properly document derivative liabilities caused by certain of KAYS’ outstanding convertible debt instruments. These adjustments had no effect on our revenues or our operating expenses.
About Kaya Holdings, Inc. (KAYS)
Kaya Holdings, Inc. (OTCQB:KAYS) through its majority owned subsidiary Marijuana Holdings Americas, Inc., owns and operates Kaya Shack™ legal marijuana dispensaries in Oregon as well as its Kaya Farms Grow operations, which produce, distribute and/or sell premium legal cannabis products under the Company’s own brands, including flower, concentrates, and cannabis-infused baked goods and candies. KAYS is the first publicly-traded U.S. company to own and operate marijuana dispensaries and a vertically integrated legal cannabis grow and manufacturing operation.
KAYS is planning execution of its stated business objectives in accordance with current understanding of State and Local Laws and Federal Enforcement Policies and Priorities as it relates to Marijuana (as outlined in the Justice Department's Cole Memo dated August 29, 2013), and plan to proceed cautiously with respect to legal and compliance issues. Potential investors and shareholders are cautioned that the Company will obtain advice of counsel prior to actualizing any portion of its business plan (including but not limited to license applications for the cultivation, distribution or sale of marijuana products, engaging in said activities or acquiring existing cannabis production/sales operations). Advice of counsel with regard to specific activities of KAYS, Federal, State or Local legal action or changes in Federal Government Policy and/or State and Local Laws may adversely affect business operations and shareholder value.
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, acceptance of the Company's current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
For more information visit www.kayaholdings.com or contact Investor Relations: 561-210-7664